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Joseph D. Frehe
Chief Financial Officer
For immediate release:
ALLOY REPORTS SECOND QUARTER FISCAL 2009 RESULTS
Revenue of $54.2 million versus $54.1 million in the prior year quarter
Adjusted EBITDA of $4.9 million versus $1.5 million in the prior year quarter
New York, NY September 8, 2009Alloy, Inc. (the Company) (NASDAQ: ALOY), one of the countrys largest providers of media and marketing programs reaching targeted consumer segments, today reported financial results for its second fiscal quarter ended July 31, 2009.
Consolidated Results for the Three Months Ended July 31, 2009
Revenue in the second quarter of the fiscal year ending January 31, 2010 (fiscal 2009) increased $0.1 million to $54.2 million, from $54.1 million in the second quarter of the fiscal year ended January 31, 2009 (fiscal 2008).
Adjusted EBITDA, defined by the Company as operating income (loss) plus depreciation and amortization and non-cash stock-based compensation, in the second quarter of fiscal 2009 increased $3.4 million, to $4.9 million, from $1.5 million in the second quarter of fiscal 2008. The increase was primarily due to an increase in Adjusted EBITDA in the interactive, display board, and Channel One businesses included in the Companys Media segment.
Commenting on Alloys performance and outlook, Matt Diamond, the Companys Chairman and Chief Executive Officer, stated, We are pleased with our second quarter results as our Media segment generated strong revenue and Adjusted EBITDA results. Looking forward, we believe that while we expect to experience more challenging conditions during the second half of fiscal 2009, our unique marketing and media programs will enable us to maintain a solid financial performance. We continue to have a strong financial position with $31.9 million in cash and no debt, and access to an unused $25.0 million line of credit.
Free cash flow, defined by the Company as net cash used in or provided by operating activities, plus changes in operating assets and liabilities, minus capital expenditures, in the second quarter of fiscal 2009 was $3.9 million, or $0.32 per diluted share, as compared to $0.3 million, or $0.02 per basic share, in the second quarter of fiscal 2008. The increase in free cash flow was primarily due to improved profitability and continued improvements in account receivable collections.
Operating income for the second quarter of fiscal 2009 increased $3.1 million, to $2.0 million, from an operating loss of $1.1 million for the second quarter of fiscal 2008, primarily due to higher Adjusted EBITDA, partially offset by increased depreciation and amortization.
Interest income, net of interest expense, was not significant for either of the quarters presented. At July 31, 2009, the Company had $31.9 million in cash and no outstanding debt.
Income tax expense for the second quarter of fiscal 2009 was $0.1 million, a decrease of $0.1 million, as compared to $0.2 million in the second quarter of fiscal 2008. The decrease was primarily due to lower federal taxable income.
Net income increased $3.4 million, to $2.0 million, or $0.15 per diluted share, in the second quarter of fiscal 2009, from a net loss of $1.4 million, or $0.10 net loss per basic share, in the second quarter of fiscal 2008.
The following information was filed by Alloy Inc on Tuesday, September 8, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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